Cost of Attendance: The estimated cost of attendance includes direct
costs (expenses paid directly to the institution) and indirect costs (expenses
incurred as a result of attendance that the student/family may pay to a third
party (landlord, etc.) other than the institution.
Expected Family Contribution (EFC): The EFC is a measure of the family's financial
strength and is calculated using information reported on the Free Application
for Federal Student Aid (FAFSA). The EFC is used to determine federal financial
aid eligibility and it helps institutions determine how much financial aid to
Federal Direct Student Loan: Loan funds provided to the student by the U.S.
Department of Education through the institution. Repayment of principal begins
six months after the borrower ceases to be a student at least half-time. The
Free Application for Federal Student Aid (FAFSA) is the annual application.
There are two types of Federal Student Direct Loans: subsidized and
unsubsidized. Students with financial need can qualify for a subsidized loan
and the government pays the interest on the loan while the student remains
enrolled at least half time. Students who don't demonstrate financial need
qualify for an unsubsidized loan and interest accrues while the student is in
school. The student must complete Entrance Counseling and the Master Promissory
Note to receive disbursements.
Federal Grad PLUS Loan: Loan funds provided to graduate students by the
U.S. Department of Education through the institution. This federal program
allows graduate students with no adverse credit history to apply for up to
their Cost of Attendance each year, less any financial aid. To be eligible, the
student must be enrolled at least half time in an eligible program of study and
first borrow the maximum allowable amount through the Federal Direct
Student Loan program. Repayment of principal and interest begins 30 to 60 days
after the loan is fully disbursed with deferment and forbearance options
Federal Parent Loan (PLUS): A federal loan program that allows parents who
have no adverse credit history to apply for up to the Cost of Attendance each
year, less any financial aid. PLUS loans must be repaid with interest.
Federal Pell Grant: A grant provided by the federal government to
qualified undergraduate students who demonstrate exceptional financial need and
have an Expected Family Contribution (EFC) below a threshold designated
annually by the U.S. Department of Education, based on the amount of program
funds appropriated by Congress. Completed FAFSA required annually for renewal
Federal Supplemental Educational Opportunity Grant
(FSEOG): A grant provided
by the federal government to qualified undergraduate students who demonstrate
exceptional financial need. Priority is given to Pell Grant recipients and
funds must be offered by the school in lowest Expected Family Contribution
(EFC) order. Awarding is contingent upon funding and may not be renewed year to
Federal Work-Study (FWS): A program that provides part-time employment to
students attending institutions of higher education who need the earnings to
help meet their costs of postsecondary education. Encourages students receiving
FWS assistance to participate in community service activities. FWS is
contingent upon funding and may not be renewed year to year.
Gift aid: Funds
awarded to the student that do not have to be repaid, unless the student fails
to meet certain terms, such as a service requirement specified as a condition
of the aid. Gift aid includes awards such as grants, scholarships, remissions,
waivers, etc. Gift aid can be awarded based upon many factors, including (but
not limited to) financial need, academic excellence, athletic, musical and
theatrical talent, affiliation with various groups, or career aspirations.
Net cost: Amount
of direct and indirect costs remaining after all gift aid (scholarships and
grants) is subtracted.
Remaining cost: Amount of direct and indirect costs remaining after all gift aid
(scholarships and grants) and self-help aid (loans and Federal Work-Study) or
other funding sources are subtracted.
Remaining need: Difference between the institution's Cost of Attendance and the
student's Expected Family Contribution (EFC).
Satisfactory Academic Progress (SAP): To be eligible for federal funds (Pell, FSEOG,
Direct Loans, etc.) students must make satisfactory academic progress, meaning
students are continuing to complete courses and maintain a required GPA based
on their credit level.
Scholarship: A type of gift aid awarded to students that does not need to be
repaid. Scholarship awards are typically based on merit or a combination of
merit and need, such as academic excellence, talent, affiliation with various
groups, or career aspirations. To be eligible for renewal of certain
scholarships, students may be required to maintain a specific Grade Point
Average (GPA) or enrollment status.
Self-help aid: Financial aid in the form of loans or student employment. Loans
can be used to pay the remaining net costs after gift aid is deducted. Student
employment earnings (including Federal Work-Study awards) are generally not
deducted from billed costs but can be used to help cover indirect costs and are
paid in the form of wages to students.
State grant: State-funded program provides grant from state to residents who
demonstrate the highest level of financial need as determined by the results of
the FAFSA. Amount varies and is based on enrollment status.